EASTBROOKE APARTMENTS – 233 UNITS IN BURLINGTON, NC

Price:

$24,600,000

Status:

Sold

Address:

1900 Morningside Dr, Burlington, NC 27217, USA

Overview:

SOLD 8/18/21 FOR $24,600,000
$105,579 per unit

Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction. Eastbrooke Apartments is located in the suburban market of Burlington, NC, which links the Triangle (Raleigh, Durham, Chapel Hill) and Triad (Greensboro, Winston-Salem, High Point) regions. The property features 143 units built in 1970 and 90 units completed in 2019. After acquiring the property in December of 2020, the seller was able to lease-up the new phase of the property, bring down-units online, add a brand new leasing office and resale the property. The buyer rebranded the property as The Venue.

Unit Information

UnitTypeSizeRent
1970 - 16 UNITS1 BD/1 BA805 SF$650
1970 - 91 UNITS2 BD/1 BA1094 - 1253 SF$750
1970 - 36 UNITS3 BD/2 BA1266 SF$850
2019 - 36 UNITS1 BD/1 BA650 SF$800
2019 - 54 UNITS2 BD/1 BA870 SF$900
233 UNITS TOTAL

Property Information

PIN 8885076023, 8885160959, 8885171105 Tax Value TBD
Taxes TBD Lot Size 14.69 ACRES
Year Built 1970 & 2019 Exterior BRICK, HARDBOARD, VINYL
Floors CARPET, VINYL, LVT Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities OWNER PAYS WATER Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS
Legal Description EASTBROOKE APTS Zoning MF
Sold Date 08/18/2021